Orascom Financial Holding wants to set up a digital bank

OFH could go the digital banking route: Orascom Financial Holding (OFH) will look into the possibility of setting up a digital bank, the company said in an EGX disclosure (pdf).

Details TBC: The company has not yet secured partners or sources of funding for the planned project, it said.

OFH is the latest to jump on the digital banking bandwagon: The move was sparked by the Central Bank of Egypt’s (CBE) new licensing rules for digital banks according to the bourse filing. Published in July, the rules stipulate that digital banks need at least EGP 2 bn in capital to receive a license and EGP 4 bn to be able to finance large companies. Other applicants for a license include Ostoul Securities Brokerage, OPay, and Banque Misr, which it was last week reported plans to launch Egypt’s first digital bank in 1Q 2024.